Marvell Technology Group Ltd. (MRVL) Given “Hold” Rating at Needham & Company LLC
Marvell Technology Group Ltd. (NASDAQ:MRVL)‘s stock had its “hold” rating reiterated by equities researchers at Needham & Company LLC in a report released on Friday.
A number of other research analysts have also recently weighed in on the stock. Citigroup Inc. lifted their price objective on shares of Marvell Technology Group from $10.50 to $12.00 and gave the company a “sell” rating in a report on Friday, September 2nd. Oppenheimer Holdings Inc. reiterated a “market perform” rating on shares of Marvell Technology Group in a report on Thursday, September 8th. B. Riley reiterated a “buy” rating and set a $16.00 price target on shares of Marvell Technology Group in a report on Monday, July 25th. Jefferies Group reiterated a “hold” rating and set a $13.00 price target on shares of Marvell Technology Group in a report on Wednesday, September 7th. Finally, Benchmark Co. set a $12.00 price target on shares of Marvell Technology Group and gave the stock a “hold” rating in a report on Sunday, November 6th. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Marvell Technology Group currently has an average rating of “Hold” and a consensus price target of $13.77.
Marvell Technology Group (NASDAQ:MRVL) traded up 7.672% on Friday, hitting $14.385. 10,950,977 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $13.02 and its 200-day moving average price is $11.48. The company’s market cap is $7.36 billion. Marvell Technology Group has a 12-month low of $7.40 and a 12-month high of $14.79.
Marvell Technology Group (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, November 17th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.12 by $0.08. Marvell Technology Group had a negative net margin of 1.18% and a positive return on equity of 1.35%. The business earned $654 million during the quarter, compared to analysts’ expectations of $615.66 million. During the same period last year, the business earned $0.05 earnings per share. The business’s revenue for the quarter was down 3.1% on a year-over-year basis. Analysts forecast that Marvell Technology Group will post $0.45 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 28th. Shareholders of record on Tuesday, December 6th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 1.80%. Marvell Technology Group’s dividend payout ratio (DPR) is -480.00%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Daiwa Securities Group Inc. raised its position in shares of Marvell Technology Group by 23.6% in the second quarter. Daiwa Securities Group Inc. now owns 11,000 shares of the company’s stock valued at $105,000 after buying an additional 2,100 shares during the last quarter. Hartford Investment Management Co. bought a new position in shares of Marvell Technology Group during the second quarter valued at $110,000. Ardsley Advisory Partners bought a new position in shares of Marvell Technology Group during the third quarter valued at $159,000. YHB Investment Advisors Inc. bought a new position in shares of Marvell Technology Group during the third quarter valued at $174,000. Finally, CIBC World Markets Inc. bought a new position in shares of Marvell Technology Group during the second quarter valued at $139,000. Institutional investors and hedge funds own 69.37% of the company’s stock.
Marvell Technology Group Company Profile
Marvell Technology Group Ltd. is a fabless semiconductor provider of application-specific standard products. The Company is engaged in the design, development and sale of integrated circuits. The Company develops System-on-a-Chip (SoC) and System-in-a-Package (SiP) devices. Its product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers (PHY), wireless connectivity, Internet-of-Things (IoT) devices and multimedia solutions.
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